The 'Revenue Deficit' is: MCQ with Answer and Explanation

Question

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The 'Revenue Deficit' is:

A. Revenue expenditure minus revenue receipts

B. Total expenditure minus total receipts

C. Capital expenditure minus capital receipts

D. Fiscal deficit minus borrowings

Answer: Option A

Solution (By JKSSB Mock Tests)

Revenue deficit = Revenue expenditure - Revenue receipts.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

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Question #1

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The 'Zero-Rated Supply' under GST includes:

A. Exempt supplies

B. All supplies

C. Nil-rated supplies

D. Exports and supplies to SEZ

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Correct Answer: Option D

Explanation:
Zero-rated supplies attract 0% GST, and input tax credit is available.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

Question #2

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The 'Goods and Services Tax' on exports is:

A. Zero-rated

B. Exempt

C. Taxable

D. Nil-rated

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Correct Answer: Option A

Explanation:
Exports are zero-rated, meaning 0% GST with refund of input tax credits.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

Question #3

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The 'Financial Reporting' under Indian GAAP for non-corporate entities is governed by:

A. Companies Act only

B. Ind AS only

C. Accounting Standards (AS) issued by ICAI

D. IFRS

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Correct Answer: Option C

Explanation:
Non-company entities follow AS issued by ICAI.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

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